He stated his source was Polk. You know, the guy who is the current CFO and is going to be the interim CEO. So, who is your source and how could it be more official? If you are talking about Mr. Irrelevant (my new nickname for NY), his statements are completely unreliable. That’s putting it mildly.
As for his stock deal? Completely dead after the first purchase option. You know it. I know it. Everyone knows it. Is the termination in writing? No, it is a stock purchase option so there is no reason for a written termination. But there is absolutely no one, and I mean no one who would buy restricted stock at more than 2x the current trading price. Again, technically terminated? No. For all intents and purposes? 100%. Remember, Phil is already down over $75K. He isn’t stupid enough to make the same mistake twice, even if Mr. Irrelevant lowered the purchase price.
His deal for the machines is probably still on. Why wouldn’t it be? He can sell his machines to some other sap to offset his losses on the stock.
As far as I am aware, there is no written agreement for any promotional requirements. Besides, even if there were, Phil wouldn’t honor them anyway. Who would blame him? So, here’s a little factoid you probably already knew. That deal for the machines cost the company almost $1 million. That is going to be cash out the door. Regardless of the stock price. Does that seem like a prudent use of company funds to you?
Any other Phil deals I didn’t cover?
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